Revived inventories boost nationwide retailer, though its used-vehicle business fell.
AutoNation testing six- to 12-month terms in two key US markets.
Analysts predict further declines while auto retailer CEOs predicted sustained gross profits higher than 2019.
Declines in net income and revenue in the first quarter were offset by an 11% increase in parts-and-service business.
People keeping vehicles longer and driving more miles is increasing parts and service needs.
RepairSmith acquisition boosts its offerings and opens up new customer opportunities.
Meanwhile, AutoNation, Hendrick Automotive Group top public, private rankings.
Most categories of dealership service and parts businesses have recovered from COVID-19 shutdowns, especially customer-pay work.
AutoNation predicts demand for new vehicles will continue into next year, as low-interest rates and robust demand helped the retailer boost quarterly earnings estimates.
The automotive retailer’s Q1 2021 adjusted earnings skyrocketed 207% year over year with adjusted earnings of $2.79 per share.
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